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Suppose you know that the own price elasticity of demand for good X is 2. Suppose that the price in the market is initially $10

  • Suppose you know that the own price elasticity of demand for good X is 2. Suppose that the price in the market is initially $10 and the quantity demanded is 100 units. If price in this market decreases by 10%, what will be the percentage change in the quantity demanded given the above information?


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